#美国就业数据不及预期 Bitcoin just broke through the $97,000 mark, hitting a new high for the week. Interestingly, this rally occurred against the backdrop of the stalled US CLARITY Act progress—indicating that the market has long since learned to be "immune" to regulatory noise.

The logic of this round of market movement has changed. Previously, Bitcoin's price fluctuations were closely tied to policy news. Now? More buying is based on bets about long-term structural opportunities, and short-term regulatory uncertainties are being absorbed. But on the other hand, whether the price can hold this level ultimately depends on where the money flows.

The focus of analysts is on one thing—the movement of ETF funds. Whether institutional or retail investors, ETFs have become the core incremental channel driving Bitcoin's price higher. With regulatory pathways still not fully finalized, the upcoming trading days will be a watershed. We need to watch whether funds continue to increase their positions or start to hold back.

At the end of the day, Bitcoin's current problem is simple: can it stay above $97,000 to open up new upward space? Or will it fall back into high-level consolidation due to a lack of new funds? The outline of the direction has already emerged; what remains is the market's execution power. The upcoming battle for funds is worth close attention.

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